Making Tax Digital (MTD) for Income Tax is a new way for sole traders and landlords to report their income and expenses to HMRC. This means they will be legally required to keep digital records, send quarterly updates to HMRC, and finalise their tax return using compatible software.

 

The qualifying income is the gross income (before expenses and tax are deducted) that sole traders and landlords receive in a tax year from self-employment and property combined.

 

If you are a sole traders or landlords with gross income (before expenses and tax are deducted) from self-employment and property, you will be legally required to use MTD software from:

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• April 2026, if their qualifying income is £50,000 or above in the 2024-25 tax year

• April 2027, if their qualifying income is £30,000 or above in the 2025-26 tax year

• April 2028, if their qualifying income is £20,000 or above in the 2026-27 tax year

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If you are unsure about these new requirements of HMRC or unsure how to proceed please call us now on 0161 224 3510 or fill out our contact us form and we will call you back as soon as possible.

 

​It’s important that you have the appropriate software package to deal with all these new requirements make yourself compliant with new HMRC requirements, we at Amin & Co Accountants Manchester, made all the spadework and arrangements to cope with these new requirements so that our clients concentrate more on their core business instead of these complex taxation handling issues.

 

​At Amin & Co Accountants Manchester we use latest HM Revenue & Customs approved method & software to, complete your tax return, calculate your final tax bill, file the return on line and look after any other matter with HMRC on your behalf.

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We can analyse your self assessment tax return to see if any tax savings can be made keeping in view of your tax & accounting data available on record.

 

Please feel free to contact us on 0161 224 3510.